3 min read Last Updated : Sep 04 2024 | 10:46 AM IST
NIIT share price today hit a new high of Rs 190.10 on the National Stock Exchange (NSE) on Wednesday, as it was locked in the 10-per cent upper circuit at 10:04 AM. The counter saw heavy volumes in an otherwise weak market. The Nifty 50 was down 0.6 per cent at 25,130.
Around 6.58 million equity shares, representing 4.9 per cent of total equity of NIIT, had changed hands on the NSE till the time of writing of this report. The names of the buyers and sellers, however, could not be ascertained immediately.
Meanwhile, in the past two weeks, NIIT share price has zoomed 61 per cent from a level of Rs 118.45 touched on August 21.
On August 22, the promoters, Thandani Family Trust (through its Trustee Vijay Kumar Thadhani) and Pawar Family Trust (through its Trustee Rajendra Singh Pawar), had acquired a combined 3.54 million equity shares, representing 2.62 per cent of total equity of NIIT, via open market. The promoters of the company, engaged in providing education and training services, bought shares at a price of Rs 118 per share.
Post acquisition, the promoters holding in NIIT has increased to 37.267 per cent from 34.652 per cent, according to the disclosure made by the company. Hornbill Orchid India Fund had sold its entire 2.62 per cent or 3.54 million shares in NIIT via block deals.
Further, on August 23, Ramesh Shrichand Damani bought 800,000 equity shares, representing 0.59 per cent stake in the total equity of NIIT, at a price of Rs 127.55 on the NSE via bulk deal, the exchange data shows.
According to NIIT, India is poised to be a hub of global demand for talent driven by a young population (600 million under the age of 25) and growing enrolments in higher education (over 43 million learners enrolled in higher education with Gross Enrolment Ratio of 28.4 per cent, which is projected to grow to 50 per cent by Academic Year 2034-35).
Demand for upskilling/reskilling from working professionals is expected to increase across sectors like Technology, Fintech, Health Tech, Logistics, EdTech, and more. Despite the near-term slowdown in hiring, the acceleration of digital transformation is expected to continue to drive demand for professionals with deep skills in new-age technologies and ways of working, the company had said during its June quarter results presentation.
NIIT offers a diverse range of learning and talent development programs to millions of individual and corporate learners in futuristic domains through its various businesses including NIIT Digital, StackRoute, RPS Consulting, Institute of Finance Banking & Insurance (IFBI), TPaaS and Sales & Service Excellence (SSE).
IFBI is a leading provider of learning services for early career as well as working professionals for the BFSI sector in India. NIIT StackRoute, on the other hand, is a digital transformation partner for corporates to build multi-skilled full stack professionals in advanced technologies at scale.
With a continuing shift to the Digital economy, the IT and BFSI (banking, financial services and insurance) sectors are expected to continue to see an increasing demand for digital skills and, therefore, offer a significant growth opportunity for NIIT.
First Published: Sep 04 2024 | 10:46 AM IST
https://www.business-standard.com/markets/news/this-stock-has-zoomed-61-in-2-weeks-as-ramesh-s-damani-promoters-up-stake-124090400188_1.html
